Meiji Yasuda Asset Management Co Ltd. Has $13.07 Million Stock Position in Eversource Energy (NYSE:ES)

Meiji Yasuda Asset Management Co Ltd. cut its stake in shares of Eversource Energy (NYSE:ES) by 6.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 230,430 shares of the utilities provider’s stock after selling 16,119 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Eversource Energy were worth $13,068,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Salem Investment Counselors Inc. boosted its stake in shares of Eversource Energy by 49.7% in the first quarter. Salem Investment Counselors Inc. now owns 545 shares of the utilities provider’s stock valued at $33,000 after buying an additional 181 shares during the period. Addison Advisors LLC lifted its position in shares of Eversource Energy by 27.4% during the 2nd quarter. Addison Advisors LLC now owns 860 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 185 shares during the period. Bar Harbor Wealth Management grew its holdings in shares of Eversource Energy by 4.1% during the 2nd quarter. Bar Harbor Wealth Management now owns 4,780 shares of the utilities provider’s stock worth $271,000 after purchasing an additional 190 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Eversource Energy by 2.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 7,944 shares of the utilities provider’s stock worth $475,000 after purchasing an additional 192 shares in the last quarter. Finally, Presima Securities ULC raised its stake in Eversource Energy by 1.5% in the fourth quarter. Presima Securities ULC now owns 13,730 shares of the utilities provider’s stock valued at $847,000 after purchasing an additional 200 shares in the last quarter. 79.99% of the stock is owned by institutional investors and hedge funds.

Eversource Energy Price Performance

Eversource Energy stock opened at $68.23 on Wednesday. The firm has a market cap of $24.03 billion, a P/E ratio of -57.82, a P/E/G ratio of 2.59 and a beta of 0.61. The stock’s 50 day moving average is $65.16 and its 200 day moving average is $61.17. The company has a debt-to-equity ratio of 1.74, a current ratio of 0.75 and a quick ratio of 0.66. Eversource Energy has a one year low of $52.03 and a one year high of $69.01.

Eversource Energy (NYSE:ES) last released its earnings results on Wednesday, July 31st. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.95. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.90 billion. Eversource Energy had a negative net margin of 0.81% and a positive return on equity of 10.34%. During the same quarter in the previous year, the business earned $1.00 earnings per share. Eversource Energy’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, research analysts expect that Eversource Energy will post 4.56 EPS for the current year.

Eversource Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 23rd will be given a dividend of $0.715 per share. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.19%. Eversource Energy’s payout ratio is presently -242.37%.

Wall Street Analyst Weigh In

ES has been the topic of a number of recent analyst reports. BMO Capital Markets decreased their price objective on shares of Eversource Energy from $73.00 to $70.00 and set a “market perform” rating on the stock in a research note on Monday, August 19th. Scotiabank boosted their price target on Eversource Energy from $57.00 to $66.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Wells Fargo & Company raised their price objective on Eversource Energy from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. StockNews.com cut shares of Eversource Energy from a “hold” rating to a “sell” rating in a report on Saturday, July 27th. Finally, Morgan Stanley increased their price objective on shares of Eversource Energy from $69.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Eversource Energy presently has an average rating of “Hold” and an average price target of $68.93.

Insiders Place Their Bets

In other Eversource Energy news, EVP Penelope M. Conner sold 815 shares of Eversource Energy stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $65.50, for a total value of $53,382.50. Following the completion of the sale, the executive vice president now directly owns 9,032 shares of the company’s stock, valued at $591,596. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Penelope M. Conner sold 500 shares of Eversource Energy stock in a transaction on Friday, August 9th. The shares were sold at an average price of $64.94, for a total value of $32,470.00. Following the completion of the sale, the executive vice president now owns 9,847 shares of the company’s stock, valued at approximately $639,464.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Penelope M. Conner sold 815 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $65.50, for a total transaction of $53,382.50. Following the transaction, the executive vice president now owns 9,032 shares in the company, valued at approximately $591,596. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Eversource Energy Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.